Credit Card Disaster

Today the US Government decided that the free market wasn't cutting it where credit cards are concerned.
Apparently we are so stupid we now need a Credit Card Holder's Bill of Rights.
Silly me, I thought We the People could make choices on if/how we used credit cards
The US Senate passed the bill today 90-5
The US House has already passed a version of the bill 357-70
Now the bill heads to conference where the minor differences will be worked out, passed again and then sent to the President for signature.

Some of the changes I like are...
- mandatory 12 point font on all that fine print they include in credit card applications
- no retroactive rate increases on existing balances
- no fees if you pay your bill online or over the phone

Some of the changes I dont like...
- only one credit card if you are a college student
- college student credit limit capped at $500 or 20% of income
- one free credit report provided in a language other than English

Because of the new rules being imposed credit card companies are less likely to approve credit card applications, less likely to raise credit limits, and less likely to give away incentives to join or spend money on their credit cards.

All these bills about Bills of Rights for various things like credit card holders, airplane passengers, patients and so forth are just stupid
we already have a Bill of Rights
that one pretty much covers everything vital
whatever is not covered is pretty much common sense
how about you dont get a credit card if you cant afford it
or dont charge everything to your credit card if you cant pay it off
Why should people like me, who pay off their credit card every month, suffer because the rest of America chooses to be financially stupid?

Here are some stories about this bill's passage

and you can track the bill's final passage here


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